We document the presence of significant liquidity costs in Spanish sovereign debt auctions: the larger the auctioned amounts, the lower the issuance price relative to secondary market prices. Motivated by this evidence, we characterize the optimal debt-maturity management problem of a government...

This essay studies China’s bond market development by reviewing the main characteristics of the onshore market and important liberalization steps. It also describes recent trends in debt portfolio investment flows into China by non-resident investors. The simple theoretical framework for push...

The conference will feature once more an impressive academic line-up and, as last year, will be in virtual format. The three conference sessions will tackle issues related to monetary policy, credit and financial crises, the role of financial markets in monetary policy transmission as well as...

Climate change is one of the greatest economic challenges of our time. Given the scale of the problem, the question of whether a carbon tax should be introduced is hotly-debated in policy circles. This paper studies the design of a carbon tax when environmental factors, such as air...

We invite academics and professionals to submit papers related to derivative markets and products. The conference will feature a special issue of the Journal of Futures Markets.

The forum will focus on the legal and economic issues involved in the advance of technology into the financial markets. Various legislative proposals and regulatory initiatives (including on BigTech and Mixed Activity Groups) have recently been launched at a European level to enhance the...

The conference will include keynote presentations by leading finance scholars and in-depth panel sessions on digital finance, environmental finance and superannuation (pension) funds, that will appeal to both academics and practitioners. Topics: - Accounting Information/ Disclosure...

Long-term trends like demographic change and climate change pose major challenges for the sustainability and stability of financial markets. For households, firms and financial institutions these entail far-reaching implications with regard to financial decision-making, old-age provision,...

Each year the European Central Bank (ECB) and the European Commission organise a joint high-level conference on European financial integration. This year, in conjunction with the conference, the ECB will publish its biennial report on Financial Integration and Structure in the Euro Area and the...